Crude oil inventories declined by 2.8 million barrels on the week ending July 10, at 344.5 million barrels, the Energy Information Administration said on its weekly report on U.S. stockpiles on Wednesday.

Gasoline inventories increased by 1.5 million barrels last week, and distillate fuel inventories including heating oil and diesel rose by 0.6 million barrels, the EIA reported.

Crude oil futures climbed to $60.98 per barrel at 10:31 a.m. on the New York Mercantile Exchange after the U.S. Energy Department released its report.

To view the full weekly petroleum report click here.